The Microfoundations of Macroeconomics Issue. A Reexamination

Michel De Vroey

Revue française d'économie, 2022, vol. Volume XXXVII, issue 3, 9-55

Abstract: Among the various criticisms that have been addressed to contemporary macroeconomics (“dynamic general equilibrium” macroeconomics), the question of the imperative of “microfoundations of macroeconomics” has occupied an important place. The objective of our article is to assess the relevance of the criticisms put forward about it. To this end, we look at three representative articles, written by A. Leijonhufvud, K. Hoover, and A. Vercelli. We emphasize that the imperative of microfoundations is only one of the methodological choices on which the DGE approach is based, and perhaps is not the most decisive.

Date: 2022
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